Interim Management Statement

RNS Number : 1029L

Edinburgh Dragon Trust plc

01 July 2014

 



Edinburgh Dragon Trust plc - Interim management statement

To the members of Edinburgh Dragon Trust plc

This interim management statement has been produced solely to provide additional information to shareholders to meet the relevant requirements of the UK Listing Authority's Disclosure and Transparency Rules. It should not be relied upon by any other party or for any other purpose.

This interim management statement relates to the period from 1 March 2014 to 30 June 2014, and contains information that covers this period, up to the date of publication of this interim management statement, unless otherwise specified.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         

Investment objective

To achieve long term capital growth through investment in the Far East.  The Company's benchmark is the MSCI All Country Asia (ex Japan) Index.  Investments are made in stockmarkets in the region, with the exception of Japan and Australasia, principally in large companies.  When appropriate, the trust will utilise gearing to maximise long term returns.

Benchmark

MSCI All Country Asia (ex Japan).

Material transactions and their impact on the Trust's financial position

Over the three month period to 31 May 2014 the Company's net asset value rose 8.3% on a total return basis compared to a rise of 5.8% in the MSCI All Country Asia (ex Japan) Index.  There were no buy-backs of shares for the period from 1 March 2014 to 30 June 2014. 

For latest NAV and share price information, please refer to the Trust's website, www.edinburghdragon.co.uk.

Ten Largest Equity Holdings as 31 May 2014 Holding	%
Samsung Electronics Pref.	5.7
Oversea-Chinese Banking Corp.	4.4
Jardine Strategic	4.4
Taiwan Semiconductor	4.3
Standard Chartered*	3.8
Housing Dev Finance	3.7
AIA	3.6
United Overseas Bank	3.6
HSBC	3.4
China Mobile	3.3
Total	40.2
*Hong Kong and UK listings held
Country Allocation as at 31 May 2014	%
Hong Kong	24.8
Singapore	21.0
India	12.7
Korea	8.7
China	6.8
Taiwan	6.1
Thailand	5.0
Philippines	4.0
Malaysia	3.6
United Kingdom	3.0
Sri Lanka	2.8
Indonesia	0.7
Cash	0.8
Total	100.0

Assets at 31 May 2014 Investments	£612.0 m
Cash	£5.1m
Total gross assets*	£617.1m
No of shares in issue	196,374,115
3.5% Convertible Unsecured Loan Stock 2018 (CULS) at nominal value	£55.5m
Gearing**	9.0%

* including current year revenue

** based on debt at par

Cumulative performance (%)

	As at 31/05/2014	3 months	6 months	1 year	3 years	5 years
Share Price	260.0p	10.5	1.5	(10.8)	10.4	78.2
NAV*	286.0p	8.3	1.7	(8.5)	12.4	84.1
MSCI AC Asia ex Japan		5.8	0.6	(2.8)	3.6	59.6

Discrete performance (%)

	Year to 31/05/2014	Year to 31/05/2013	Year to 31/05/2012	Year to 31/05/2011	Year to 31/05/2010
Share Price	(10.8)	31.4	-5.8	21.0	33.4
NAV*	(8.5)	26.4	-3.7	16.4	42.0
MSCI AC Asia ex Japan	(4.8)	21.1	-11.9	15.8	33.0

Total Return; NAV to NAV, Net Income Reinvested, GBP. Share price return in on a mid-to-mid basis.

Dividend calculations are to reinvest as at the ex-dividend date.  NAC returns based on NAVs with debt valued at fair value.

* Including current year revenue.

Source: Aberdeen Asset Managers Limited, Factset and Morningstar

Please note that past performance is not necessarily a guide to the future and that the value of investments and the income from them may fall as well as rise and may be affected by exchange rate movements.  Investors may not get back the amount they originally invested.

For Edinburgh Dragon Trust plc

Aberdeen Asset Managers Limited, Secretary

 

END

 

 

IMSUGUGGMUPCGWG